About 90% of U.S. retirees said they worry inflation will erode the value of their assets, according to a survey of roughly 400 retirees by investment firm Schroders. The survey also found that one in five retirees said they are struggling financially.

Higher than expected health care costs were cited as a financial concern by 87% of retirees in the Schroders survey, while 81% pointed to a major market downturn reducing their assets. Sixty-nine percent said not knowing how to best take retirement income or draw down assets was a concern, and 68% cited outliving their retirement savings.

"Retirees are fighting the affordability crisis with a fixed pool of assets and no second chances," said Deb Boyden, head of U.S. defined contribution at Schroders.

The Consumer Price Index rose 3.8% in April from a year earlier, the fastest pace in nearly three years. Social Security beneficiaries received a cost-of-living adjustment of 2.8% in 2026, which was below April's inflation rate. Some experts project a cost-of-living adjustment of almost 4% for Social Security in 2027.

A separate study by Allianz, which surveyed 1,000 people over the age of 25 with household income of at least $50,000 or investable assets of at least $150,000, found that 67% of investors said they were more worried about outliving their savings than about dying. The study also found that 6 in 10 Americans worry they will not be able to retire on their own terms, and that 42% of Americans retire earlier than they planned, often due to issues beyond their control, including health problems preventing work and unexpected job loss.

Someone planning to retire at age 65 who is forced to step back from work at age 62 must fund three additional years of retirement and secure health insurance for the three years before qualifying for Medicare. About half of Americans lack a written financial plan, including nearly 6 in 10 Gen Xers.

"You've got to look at this as kind of a part-time job, because it's really the only chance you have. You're not going to go back to work when you're 82 years old," said Kelly LaVigne, vice president of consumer insights at Allianz Life.